Does Ken Chenault Deserve a Better Sendoff Than Jeff Immelt?

American Express Co.'s Ken Chenault is (finally, some would say) retiring. The timing isn't bad.

After 16 long years, the chief executive officer of the credit-card giant is handing over the reins when, in his words, the company is in a position of strength. While that's arguable (and it's unclear if there's more to the story behind the 66-year-old's departure than what the company is saying), he's at least leaving with his legacy intact, rather than tarnished -- which it would have been if he had abruptly stepped down during AmEx's tumultuous patch following the loss of its partnership with Costco Wholesale Corp. Even as that turn of events accelerated a decline of valuable market share, Chenault retained the support of Warren Buffett, which matters because Berkshire Hathaway Inc. is the company's largest shareholder.